Bertrand Engineering is a civil engineering firm that specializes in bridge and tunnel construction as well as flood control. On January 1, 2016. Bertrand received a $40,000,000. four-year contract for a flood control project on the Columbia River. Bertrand uses the percentage-of-completion method of revenue recognition. Data regarding the status of this contract at the end of 2016 and 2017 are as follows: Calculate the revenue, cost of construction (cost of goods sold), and gross profit (loss) to be recognized on this contract for both 2016 and 2017. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2016, and 2017. Assume that the estimated cost to complete this project at the end of 2017 is $29, 100,000 (instead of $22, 100,000). Determine the amount of gross profit (loss) to be recognized in 2017